On Wednesday, global stocks officially entered a bear market. According to an article in Business Insider, on Wednesday, “U.S. stocks started the day deep-red, and the sell-off has intensified through the trading day. Not long after noon, the Dow fell more than 500 points, and with the S&P 500 and Nasdaq, it declined by more than 3%.”

As a result, Becketti said the nonstop financial market turbulence drove investors to the safe haven of Treasuries.

However, he added that while the shaky market did impact rates, the survey was largely complete prior to Wednesday’s Treasury rally.